Recycling, Scrap Metal, Commodities and Economic Report

This is the Recycling, Scrap Metal, Commodities and Economic Report, June 24th, 2024.

weekly tonnage of raw steel production 3

U.S. weekly raw steel production fell to 1.7MT down 2% from last year and down 2.8% year to date. This was on continued slow, but slightly increasing U.S. manufacturing.

Crude Oil 2

WTI crude oil price rose to $80.59/b. on the strong U.S. dollar and increased conflict in the Middle East.

US Field Production of Crude Oil 2

U.S. weekly crude oil production was steady at 13.2Mb/d. just off February’s record high. Oil companies are keeping supplies tight to maximize prices and profits.

Oil Rig Count 2

The U.S. weekly oil rig count fell to 485 on great productivity per well and the strategy of keeping supplies tight.

AMM Weekly Heavy Melt 2

Scrap steel #1 HMS price was steady at $305/GT on a good balance of supply and demand.

Hot Roll Coil 2

Hot-roll coil steel price rose slightly to $34.88/cwt., $698/T on continued slow U.S. manufacturing.

Copper 2

Copper price fell to $4.43/lb., on slower demand, but ongoing supply concerns.

Aluminum 2

Aluminum price fell to $1.14/lb., $2,513/mt on increased supply and lower demand.

Chinas May Industrial Production

China’s May Industrial production rose 5.6%, which was good but below forecast. Manufacturing slowed, but mining increased. Chemicals, Transportation equipment and Automotive increased the most.

U S Weekly Initial Unemployment Claims

U.S. Weekly Initial unemployment claims fell to 238,000, but the second highest in about a year. This shows a good but softening labor market. It is sad, but more unemployment helps lower wages, which lowers inflation.

U S May Existing Home Sales

U.S. May existing home sales fell to 4.11M annualized, the rate of the 1970s, but prices rose while unsold inventory rose slightly. The higher prices and higher interest rates hurts buyers, but helps owners’ equity and their net worth.

U S June SP Global Manufacturing PM Index

U.S. June S&P Global Manufacturing PM index rose to 51.7 a three month high. Manufacturing payrolls rose the most in 21 months. The bad news is the better economy brings inflation, but brings higher salaries and employment.

U S June SP Global Total Economy PM Index

U.S. June S&P Global, Total economy PM index, rose to 54.6 on good economic expansion, the fastest in over two years. Service are driving the increase as hiring increased. People hate high prices, but inflation is slowing, salaries are up and spending is increasing.

Dow Jones 2

Wall Street’s Dow Jones Industrial Average rose 561 points to 39,150 on the record number of people working and record high salaries driving the economy. Services are strong as said. As an example, there is record travel including record travel to Europe by Americans.

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This report by Greg Brown is brought to you by BENLEE roll off trailers, gondola trailers, crushed car trailers, lugger trucks, roll off trailer parts and roll off truck parts for Galbreath, Galfab, American, Dragon and more.

As always, feel free to call or email me with any questions and we hope all have a safe and profitable week.